rjjdog
Forum Supporter
Interesting article about the penny. We might turn in our copper sooner then we thought. =-) http://www.cnn.com/2012/02/17/opinion/whalpes-pennies-economics/index.html?hpt=hp_c3
It's time to eliminate the penny
- Thread starter rjjdog
- Start date
AirborneDave
Forum Supporter
Looks likes the penny may be following the ranks of the half-cent before long
REDSKIN MAC
Senior Member
- Joined
- Feb 4, 2012
- Messages
- 305
More change=less change...LOL....I know......thats corny....lol
LOSTmyMARBLES
Elite Member
I'm all for it
The penny is a mandatory denomination. A dollar is just to valuable.
Their math will never add up. If it wasn't a big deal then millions of financial transactions per day wouldn't need to include fractions of pennies. You better believe they would never give it up, why should I?
Their math will never add up. If it wasn't a big deal then millions of financial transactions per day wouldn't need to include fractions of pennies. You better believe they would never give it up, why should I?
I read that the half cent was eliminated in about 1857. The purchasing power of a half cent in 1857 is equivalent to that of a dime today. So really, we could easily eliminate both the cent and the nickel. In 1975, I could buy a daily paper for 10 cents, now it's $1.00 or more.
BottlecapBill
Senior Member
penny
I'm guessing the banks are behind this. If they do all the rounding up in their favour, that would equate to millions in profit. If they round down for you and me.....they'll also make millions lol.
Mathematically, you need something with the value of 1 or you're screwed.
I'm guessing the banks are behind this. If they do all the rounding up in their favour, that would equate to millions in profit. If they round down for you and me.....they'll also make millions lol.
Mathematically, you need something with the value of 1 or you're screwed.
Rudy
Admin
Sniezyk
New Member
Eliminating the penny is a terrible idea. In Michigan we pay 6 cents on the dollar in taxes, well if you eliminate the penny were not going to pay 5 cents it will be ten cents. So instead of paying 6 dollars in taxes for every hundred you spend, you will now be paying ten dollars...and thats not good....
rjjdog
Forum Supporter
Very good strong opinions. Your right. The taxes in Michigan would have to go down or up. Preferably down, but that is highly doubtful. Ill just keep collecting mixed copper pennies until they are pulled from circulation.
Strange math... Regardless of you purchase total, you don't stand to lose more than 4 cents on the total exchange. Same with interest or stocks, the currently get rounded to the nearest penny, only if you are buying or sell, all of what your holding. Currency is for cash exchanges, and it's just a few pennies, literally per exchange. Might add up to a dollar or two in a year, but what sorts of things can you actually buy for just one penny? A nickle, or even a single dime? Not a whole lot of value there...
Showmethesilver
Forum Supporter
Allow me to fix that for ya
jarrow
Full Member
Without the penny we would have a lot less targets
Silver Strike
Forum Supporter
That is because it is an isolated, managed bubble economy overseas and they have to pay a lot of money to ship currency there. Aside from that, who's going to complain? If they did, who's going to listen?
